Radar | Jan 19,2024
May 11 , 2023
Safaricom M-Pesa Financial Service Plc, a subsidiary of Safaricom Telecommunications Ethiopia (Safaricom Ethiopia), has been granted a mobile money service license by regulators at the Ethiopian central bank.
This marks a significant milestone, as it is the country's first license issued to a foreign private company.
The historic entry of Safaricom Ethiopia disrupts the century-long monopoly held by state-owned Ethio-telecom in the telecommunications market. The central bank's decision to allow Safaricom M-Pesa aligns with its objectives to promote financial inclusion and innovation within the country, according to a statement issued by the National Bank of Ethiopia (NBE).
The NBE statement welcomed the transition to digital financial services, highlighting the benefits of efficiency, security, and transparency in the rapidly evolving financial sector. The central bank also expressed openness to introducing various forms of digital financial services in the future.
Ethio-telecom, a state-owned enterprise, has long dominated the mobile payment market with its Telebirr service, which has been heavily promoted. The expansion of Telebirr was accelerated by federal transport authorities requiring vehicles to be refuelled exclusively through Telebirr and an app launched by the Commercial Bank of Ethiopia (CBE), another state-owned bank.
M-Pesa's entrance into the Ethiopian market is poised to present a significant challenge to Ethio-telecom's dominance. The mobile payment service, originally launched in Kenya, has gained global recognition for its pioneering role in the industry.
Editor's Note: This story has been updated from its original version on the basis of clarification.
Safaricom is the first foreign private company to be granted a mobile money service license.
Radar | Jan 19,2024
Fortune News | Mar 02,2024
Radar | Apr 24,2023
Radar | Aug 07,2021
Radar | Jun 04,2022
Radar | Mar 18,2023
Life Matters | Sep 03,2022
View From Arada | Sep 03,2022
Viewpoints | Mar 01,2024
Radar | May 27,2023
Photo Gallery | 96076 Views | May 06,2019
Photo Gallery | 88345 Views | Apr 26,2019
My Opinion | 66979 Views | Aug 14,2021
Commentaries | 65709 Views | Oct 02,2021
Apr 13 , 2024
In the hushed corridors of the legislative house on Lorenzo Te'azaz Road (Arat Kilo)...
Apr 6 , 2024
In a rather unsettling turn of events, the state-owned Commercial Bank of Ethiopia (C...
Mar 30 , 2024
Ethiopian authorities find themselves at a crossroads in the shadow of a global econo...
Mar 23 , 2024
Addis Abeba has been experiencing rapid expansion over the past two decades. While se...
Loading your updates...